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FinCEN Advisory on Unemployment Insurance Fraud During COVID-19 for MSBs

FinCEN Advisory on Unemployment Insurance Fraud During COVID-19 for MSBs

Posted on: November 5th, 2020 by Julie

The Financial Crimes Enforcement Network (FinCEN) has released an advisory concerning Unemployment Insurance (UI) fraud related to the COVID-19 pandemic. Money Services Businesses (MSBs) must be aware of different types of potential fraud, red flags to look for and how to file a Suspicious Activity Report (SAR) accordingly.   FRAUD During the COVID-19 pandemic, UI claims […]

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8 Things You Should Know About The California Consumer Privacy Act

8 Things You Should Know About The California Consumer Privacy Act

Posted on: August 10th, 2020 by Julie

The California Consumer Protection Act (CCPA) of 2018 secures privacy rights for California consumers and we have summarized the top eight things a business should know. Effective January 1, 2020, CCPA gives consumers more control over their personal information how a business uses it. There are eight key points to understand about CCPA to be […]

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FinCEN Advisories Expose Risks for Money Services Businesses Amid COVID-19

FinCEN Advisories Expose Risks for Money Services Businesses Amid COVID-19

Posted on: August 5th, 2020 by Julie

FinCEN released a series of advisories about financial crimes related to the COVID-19 pandemic. Money services businesses (MSBs) are especially vulnerable to financial crime during this uncertain time. The purpose of the series of advisories is to reinforce that: “Detecting, preventing, and reporting COVID-19 related scams and illicit activity is critical to our national security, […]

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FinCEN Reporting Requirements Related to COVID-19

FinCEN Reporting Requirements Related to COVID-19

Posted on: June 9th, 2020 by Julie

Financial Crimes Enforcement Network (FinCEN) released a notice on May 18, 2020 in response to reporting requirements as they relate to COVID-19. The COVID-19 pandemic has left many of us vulnerable. It is important now more than ever to report suspicious activity to combat financial crimes. BSA REPORTING OBLIGATIONS FinCEN expects financial institutions to adhere to […]

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Bank Regulators Ease SAR Requirements for Hemp-Related Businesses

Bank Regulators Ease SAR Requirements for Hemp-Related Businesses

Posted on: April 15th, 2020 by Julie

Banks are no longer required to file suspicious activity reports (SARs) for customers engaging in the growth or cultivation of hemp. Under the 2018 Farm Bill, hemp has been reclassified. DEFINITION OF HEMP The 2018 Farm Bill now defines hemp as a variety of cannabis that contains .3% or less tetrahydrocannabinol (THC). By doing this, […]

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